Saudi British Bank: HSBC's Saudi Arabian Experience |
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"It is one of the most aggressive banks in retail banking and is perhaps the most innovative in terms of products and services." - 'Market Starts Week on Negative Footing,' www.arabfinance.com, August 17, 2003. IntroductionIn July 2003, Saudi British Bank (SABB), the Saudi Arabian associate of global financial services and banking major HSBC, won two prestigious international awards at the annual Euromoney 1 'Awards for Excellence 2003' ceremony held in London. SABB was adjudged the 'Best Bank' and the 'Best Equities House' in recognition of its value added customer services and banking products.
SABB was also applauded for the successful execution of Saudi Telecommunication Company's (STC) initial public offering (IPO). Reportedly, SABB was entrusted with this task by the Public Investment Fund (PIF), the investment division of the Ministry of Finance, Saudi Arabia, because of its technical capabilities and industry expertise. SABB was also the top broker on the Saudi Stock Exchange in 2002. Many industry observers felt that no other bank in Saudi Arabia matched HSBC's expertise in offering localized financial services/products.
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1] Euromoney is a leading international financial services magazine. Since the early-1990s, it has organized several multi-category competitions for banks across the world. Euromoney awards recognize those banks that have consistently outperformed their peers in various capital market sectors and have proven themselves to be well-organized, professional, versatile and innovative. The winners need not necessarily be banks that have produced the best financial results or have the largest market share. |
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